Reliance Mutual Fund has filed draft offer documents with capital markets watchdog Sebi to garner over Rs 3,000 crore for the Government through second tranche of CPSE Exchange Traded Fund. CPSE ETF, which functions like a mutual fund scheme, comprises scrips of 10 PSUs -- ONGC, Coal India, IOC, Gail India, Oil India, PFC, Bharat Electronics, REC, Engineers India and Container Corporation of India.
The fund-raising will help the Government inch towards Rs 56,500 crore disinvestment target for the current fiscal. As per draft documents filed with Securities and Exchange Board of India (Sebi), Reliance MF has applied for second tranche of CPSE (Central Public Sector Enterprises) ETF (Exchange Traded Fund).
According to sources, government is expected to raise more than Rs 3,000 crore it had raked in from the first tranche of CPSE ETF. The Government had first launched a CPSE ETF in March 2014 under which retail investors have to invest a minimum of Rs 5,000 to buy units. It had raised Rs 3,000 crore through the ETF then.